MILAN, June 19 (Reuters) – Automaker Stellantis holds a 9.5% stake in U.S. solid-state battery startup Factorial Energy and might buy further shares in the future, a SEC filing showed.
Solid-state batteries for electric vehicles are expected to be lighter, with better energy density than, traditional lithium-ion batteries, and ensuring faster charging times. However manufacturers have so far struggled to produce them at scale.
• Stellantis’ overall stake in Factorial is valued around $126 million at current stock prices.
• Stellantis sees Factorial as an “attractive investment opportunity”, the filing showed.
• The Franco Italian automaker first invested in Factorial in 2021, with a €75 million ($86 million) deal.
• Stellantis said earlier this month it had integrated Factorial’s ‘FEST’ solid-state battery cells into a development vehicle and launched a road-testing program to verify performance, safety and reliability.
• According to the filing, Stellantis’ Financial Services CEO Jon Nelson has been elected to Factorial’s board.
($1 = 0.8728 euros)
(Reporting by Giulio Piovaccari, editing by Gavin Jones)
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